Market snaps three-day winning streak on unexpected selling pressure

Friday, Nov 24, 2023 16:32

The biggest LNG storage is built by PV Gas in Bà Rịa - Vũng Tàu Province. Shares of the PV Gas tumbled 2.53 per cent on Thursday, weighing on the market's downtrend. — Photo

The stock market finished lower on Thursday, ending the three-day winning streak, with nearly 50 ticker symbols on all three exchanges hitting the floor prices.

The VN-Index on the Hồ Chí Minh Stock Exchange (HoSE) declined 25.33 points, or 2.27 per cent, to 1,088.49 points. The index fell below the threshold of 1,100 points and this was the lowest close since November 7.

On the southern bourse, more than 240 stocks ended lower with 30 logging the maximum daily loss, while 75 stocks increased.

Liquidity was almost unchanged from the previous session. In particular, more than VNĐ20.6 trillion worth of shares was traded on HoSE, equal to a trading volume of over 1 billion shares.

The VN30-Index, tracking the 30 biggest stocks on the main exchange, also dipped 27.12 points, or 2.44 per cent, to 1,082.68 points. In the VN30 basket, up to 29 stock codes dropped and one finished unchanged.

On the Hà Nội Stock Exchange (HNX), the HNX-Index dropped nearly 6 points, or 2.58 per cent, to 224.54 points. 107 stocks on the northern bourse inched lower, of which, six hit the floor prices.

Taking into account of stock movements on the UPCoM, nearly 50 stocks registered the biggest intraday losses on all three stock exchanges.

Unexpected strong selling pressure weighed on stocks across all sectors.

In the top five stocks dominating the downtrend, Hòa Phát Group (HPG) was the biggest loser, as shares of the leading steel producer fell nearly 5 per cent.

It was followed by Vietcombank (VCB), PV Gas (GAS), VPBank (VPB) and Sabeco (SAB). All the stocks lost in a range of 1.38-5 per cent.

Securities stocks also witnessed steep falls, such as VNDirect Securities Corporation (VND) dipped 5.94 per cent, SSI Securities Corporation (SSI) was down nearly 6.1 per cent, Saigon - Hanoi Securities JSC (SHS) decreased 7.61 per cent, VIX Securities JSC (VIX) plunged 7 per cent and Hồ Chí Minh Securities Corporation (HCM) tumbled 5.61 per cent.

Also weighing on the market, foreign investors withdrew from the market as they net sold more than VNĐ445.8 billion on the southern bourse. However, they still net bought a small amount of VNĐ7.1 billion on HNX. — VNS

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